subject: Downtown San Diego Real Estate Market Inventory Report for October 2010 [print this page] Downtown San Diego Real Estate Market Inventory Report for October 2010
The Downtown San Diego Real Estate Market held pretty consistent with 61 condos being sold compared to 80 sold the month before in September. Traditionally, the real estate market tends to slow during the winter months, so the slight drop off was to be expected.
Some of the notable condos that sold include: The investor flip at The Legend Unit #213 is living proof that the short term investors are back! In June 2010 a group bought this unit for $530k and in October they sold it for $630k. What I can't tell you is how much they paid in liens, but a gross profit of $100k always sounds appealing.
Second, a unit 410 at The Hard Rock Condo Hotel sold for $175k. That marks a real low point for The Hard Rock Condo market and could signal a great time to invest. The author of this article is an original investor in the development and can share some significant insight into the "management program" that currently dictates the ratios of returns based on the rental activity.
Finally, a rare "Bubble Unit" at Harbor Club, unit 2404, sold for $850k. This unit was a foreclosure and was listed at $775k when it hit the market. The increased purchase price, from the time it was listed, shows that buyers looking for unique and desirable units are out there and ready to pounce when the right Downtown San Diego Condo for sale hits the market.
The fencing surrounding the new Thomas Jefferson Law School, located across the street from Fahrenheit Condos, and diagonal from M2I Condos, is finally coming down! The first generation of students start school this fall semester and agents at The Downtown Condo Showroom have seen a huge uptick in the number of qualified renters coming in. Given the absence of any new Downtown Condo Construction, the rental market should continue to see a little bit of growth.
In summary, there really wasn't anything out of the ordinary that occurred during October with respect to significant changes in the number of condos sold. Agents at the Downtown Condo Showroom follow the San Diego Downtown Real Estate Market and have noticed that the significant value opportunities seem to be fewer and further between as was reported last month. Given the slow time of year, it is still feasible to pick up a great investment or home in Downtown San Diego.
